RUSAL posts 266pc drop in recurring Q2 profit

Russia’s United Company RUSAL, the world’s largest aluminium producer, reported a 266 per cent drop in second-quarter recurring net profit on Monday, far weaker than forecasts as aluminium prices continued to fall.

RUSAL , which competes with US aluminium maker Alcoa, posted a recurring net loss of US$208 million in the three months ended June, compared with an average forecast loss of US$142 million according to a poll from seven banks and brokerages polled by Reuters.

This compared with a revised recurring net profit of US$125 million for the same period a year earlier.

Recurring net profit is defined as adjusted net profit plus the company’s net effective share in Russian miner Norilsk Nickel.